MIRA
INFORM REPORT
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Report Date : |
22.12.2008 |
IDENTIFICATION DETAILS
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Name : |
BARODA CONDUCTORS PRIVATE LIMITED |
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Registered Office : |
G-2, Rushi Apartment, Sayed |
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Country : |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
17.12.1979 |
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Com. Reg. No.: |
04-3579 |
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CIN No.: [Company
Identification No.] |
U28999GJ1979PTC003579 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BRDB00397F |
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PAN No.: [Permanent
Account No.] |
AAACB8653R |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Copper Conductors |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 100000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company having satisfactory
track. Trade relations are fair. General financial position is satisfactory. Payments are reported as
slow but correct. Mr. Mahesh Doshi, Director remained corporate during correct
investigation. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
INFORMATION PARTED BY
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Name : |
Mr. Mahesh Doshi |
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Designation : |
Director |
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Date : |
19.12.2008 |
LOCATIONS
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Registered Office : |
G-2, Rushi Apartment, Sayed |
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Tel. No.: |
91-265-2252730 / 2253240 / 2250255 |
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Mobile No.: |
91-9824077805 / 9824310600 |
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Fax No.: |
91-265-2252490 / 2253240 |
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E-Mail : |
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Area : |
1000 Sq. ft. |
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Location : |
Owned |
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Factory : |
Shed No. 39, Supreme Industrial Estate, |
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Tel. No.: |
91-260-6540852 |
DIRECTORS
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Name : |
Mr. Pravinchandra Jamnadas Doshi |
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Designation : |
Director |
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Address : |
Madhuvan, Plot No. 17, Shivashray Sayed |
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Date of Birth/Age : |
24.02.1932 |
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Qualification : |
B.Com |
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Date of Appointment : |
01.01.2007 |
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Name : |
Mr. Mahendra Pravinchandra Doshi |
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Designation : |
Director |
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Address : |
Madhuvan, Plot No. 17, Shivashray Sayed |
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Date of Birth/Age : |
19.10.1957 |
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Qualification : |
B.Com |
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Date of Appointment : |
13.05.1985 |
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Name : |
Mr. Bharat Pravinchandra Doshi |
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Designation : |
Director |
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Address : |
Gokul, Plot No. 22, Shivashray Society, Sayed |
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Date of Birth/Age : |
19.03.1963 |
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Qualification : |
B.Com |
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Date of Appointment : |
01.01.2007 |
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Name : |
Mr. Mahesh Pravinchandra Doshi |
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Designation : |
Director |
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Address : |
Brindavan, Plot No. 48, Shivashray Society, Sayed |
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Date of Birth/Age : |
08.11.1966 |
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Qualification : |
B.Com |
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Date of Appointment : |
30.04.1994 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(As on 30.08.2008)
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Names of Shareholders |
No. of Shares |
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Nivedita Pravin Doshi |
206080 |
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Pravin Chimanlal Maniar |
672 |
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Daksha Pravin Maniar |
448 |
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Bharat Pravinchandra Doshi |
33600 |
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Preeti Bharat Doshi |
45600 |
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B P Doshi HUF |
22400 |
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Mahesh Pravinchandra Doshi |
33600 |
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Swati Mahesh Doshi |
56000 |
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Pravinchandra Jamnadas Doshi |
71200 |
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P J Doshi HUF |
78400 |
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Mahesh Doshi HUF |
12000 |
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Total |
560000 |
Equity share
breakup (percentage of total equity)
(As on
30.09.2008)
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Category |
Percentage |
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Directors and relatives of
directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Copper Conductors |
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Products : |
·
Bare Copper Strips ·
Copper Rods ·
Copper Flats ·
Copper Sections ·
Copper Profile |
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Terms : |
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Selling : |
Cash and Credit (30 days / 60 days / 90 days) – Depends |
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Purchasing : |
Cash |
GENERAL INFORMATION
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Customers : |
OEM’s |
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No. of Employees : |
40 (Contract Workers 25) |
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Bankers : |
·
Aanal Apartment, ·
Axis Bank ·
HDFC Bank |
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Facilities : |
Notes Bombay Mercantile Co-Operative Bank Limited against hypothecation of Raw Material, Semi finished and Finished Goods. Personally guaranteed by all directors of the Company English Mortgage of Daman Factory and Equitable Mortgage
of |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Ashwin Shah and Company Chartered Accountant |
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Address 1 : |
A-203, Sumatinath Terace, Sindhwaimata Road, Opp. Kandoi Wadi,
Pratapnagar, Vadodara – 390 004, Gujarat, India |
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Address 2 : |
110-111, 1st Floor, Silver Coin, Near |
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Tel No.: |
91-265-6563241 |
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Mobile No.: |
91-9824011740 |
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E-Mail : |
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Memberships : |
·
BME ·
VCCI (Vadodara Chamber of Commerce and Industry) ·
FSSI (Federation Industry) ·
D and B (Dun and Bradstreet |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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560000 |
Equity Shares |
Rs.10/- each |
Rs.5.600
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
5.600 |
3.500 |
2.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
14.595 |
14.587 |
6.463 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
20.195 |
18.087 |
8.963 |
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LOAN FUNDS |
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1] Secured Loans |
33.633 |
21.517 |
19.338 |
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2] Unsecured Loans |
7.827 |
8.402 |
11.282 |
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TOTAL BORROWING |
41.460 |
29.919 |
30.620 |
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DEFERRED TAX LIABILITIES |
1.142 |
1.038 |
0.953 |
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TOTAL |
62.797 |
49.044 |
40.536 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
11.036 |
6.981 |
5.768 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.812 |
0.525 |
0.450 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
13.214
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10.791 |
21.437 |
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Sundry Debtors |
27.669
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26.534 |
31.997 |
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Cash & Bank Balances |
7.377
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1.595 |
1.604 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
6.581
|
8.840 |
7.251 |
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Total
Current Assets |
54.841
|
47.760 |
62.289 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
1.316
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0.981 |
27.971 |
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Provisions |
2.576
|
5.241 |
0.000 |
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Total
Current Liabilities |
3.892
|
6.222 |
27.971 |
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Net Current Assets |
50.949
|
41.538 |
34.318 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
62.797 |
49.044 |
40.536 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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Sales Turnover |
242.884 |
298.071 |
211.459 |
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Other Income |
0.764 |
0.276 |
0.000 |
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Labour Charges |
0.968 |
0.767 |
0.000 |
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Total Income |
244.616 |
299.114 |
211.459 |
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Profit/(Loss) Before Tax |
5.419 |
13.494 |
4.630 |
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Provision for Taxation |
2.001 |
4.799 |
1.706 |
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Profit/(Loss) After Tax |
3.418 |
8.695 |
2.924 |
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Expenditures : |
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Manufacturing Expenses |
11.172 |
9.790 |
NA |
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Administrative Expenses |
3.532 |
3.289 |
NA |
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Raw Material Consumed |
214.072 |
262.767 |
NA |
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Cost of Personnel |
5.882 |
5.509 |
NA |
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Financial charges |
4.029 |
3.713 |
3.585 |
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Depreciation & Amortization |
0.510 |
0.552 |
0.470 |
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Other Expenditure |
0.000 |
0.000 |
202.774 |
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Total Expenditure |
239.197 |
285.620 |
206.829 |
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KEY RATIOS
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PARTICULARS |
|
31.03.2008 |
31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
1.40
|
2.91 |
1.38 |
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Net Profit Margin (PBT/Sales) |
(%) |
2.23
|
4.53 |
2.19 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
8.23
|
24.65 |
6.80 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.27
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0.75 |
0.52 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.25
|
1.99 |
6.54 |
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Current Ratio (Current Asset/Current Liability) |
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14.09
|
7.68 |
2.23 |
LOCAL AGENCY FURTHER INFORMATION
Trade References
·
Siemens Limited
·
Crompton and Greaves
Form No. 8
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Name of the company |
BARODA CONDUCTORS PRIVATE LIMITED |
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Presented By |
Shri Mahendrabhai
P Doshi |
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1) Date and description of instrument creating the change |
Memorandum of
Equitable Mortgage by deposit of Title Deeds dated 12.06.2002 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.22.000
millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
The assets of the
company being immovable property viz. all that undivided proportionate share in
the piece or parcel of land bearing revenue survey no. 166+167 (Palki) and
City Survey No. 2046 and Final Plot No. 8 of T P S No. 15 of Mouja Akota of
Vadodara Taluka in the Registration District of Vadodara and Sub-district of
Vadodara – 3 (Akota) together with superstructure being Flat No. G-2, on the
Ground Floor, admeasuring 995 sq. fts. standing thereon and situated within
“Rushi Apartment” Saiyad Vasna Road, |
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4) Gist of the terms and conditions and extent and operation of the charge. |
The above asset
have been secured by way of an Equitable Mortgage charge by deposit of
documents of the title deeds relating thereto with the Bank as security for
the said amount. |
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5) Name and Address and description of the person entitled to the charge. |
Aanal Apartment, |
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6) Date and brief description of instrument modifying the charge |
Deed of Guarantee
dated 08.11.2004 |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
By Deed of Rectification dated 10.07.2002 The nature of
facility described in at serial no. 2 of Third Schedule referred to
Memorandum dated 12.06.2002 to be rectified / modified and read as “2. Bill
Discounting limit of Rs.16.000 millions (Inclusive of millions to be allowed
at Bank’s Khanpur Branch, Ahmednagar)” all other contents of the said
Memorandum shall remain the same. By deed of Guarantee dated 08.12.2004 Bank Guarantee
facility enhanced from Rs.3.000 millions to Rs.6.000 millions and thereby the
overall bank facility is increased from 21.000 millions to 24.000 millions |
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Corporate
identity number of the company |
U28999GJ1979PTC003579 |
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Name of the
company |
BARODA CONDUCTORS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
G-2, Rushi Apartment, Sayed |
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This form is for |
Creation of
charge |
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Type of charge |
Movable property
(not being pledge) |
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Particular of
charge holder |
Aanal Apartment, |
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Nature of
instrument creating charge |
Hypothecation of
Tangible Movable Property |
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Date of
instrument Creating the charge |
01.01.2008 |
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Amount secured by
the charge |
Rs.1.200 millions
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Brief of the
principal terms an conditions and extent and operation of the charge |
·
Rate of
interest Minimum Rate of 10.50% p.a. at monthly rests. ·
Terms
of repayment Repayable : By way of EMI ·
Margin
25% ·
Extent
and operation of the charge First charge by Hypothecation on wire Flattening Mill, Vaccum Bright
Annealing Plant including therein stocks of raw materials or finished goods
or goods in the process of manufacture and all products, goods and every
tangible movable property for the due repayment of principal amount together
with interest, interest tax, further interest, additional interest, penal
interest, commission, fees, costs, charges and expenses incurred by
Bank. |
|
Particulars of
the property charged |
First charge by
Hypothecation on wire Flattening Mill, Vaccum Bright Annealing Plant
including therein they stocks of raw materials or finished goods or goods in
the process of manufacture and all products, goods and every tangible movable
property lying or at any time in or about company’s premises and godown at
Daman or at any other place. |
Operations Review
Business wise, the Year 2007-08 was not a
satisfactory year. The Turnover dropped from Rs.350.000 millions to Rs.280.000
millions. Quantity wise also it was down at 634 MTS as against 757 MTS in the
previous year. Finally the profit before tax came down to Rs.5.400 millions as
against Rs.13.500 millions of the previous year.
There were two main factors responsible for
unsatisfactory performance of the Company
The Year witnessed very vide fluctuations in
Copper price, both in Indian and International Markets. There was no definite
price trend. The prices went up sharply in one month and in another month came
down sharply. There was rise and fall of $ 400-500 in a month. The difference
between highest and lowest rate was $ 1850. In
In view of these wide fluctuations in Copper
rate it was difficult to plan purchase of Copper at the right price. It was
like swimming in unknown water.
The customers also followed various pricing
formula for their orders, just like monthly average price, price ruling on a
particular day, price ruling at the time of placing order etc. The company had
to forgo some of the orders because it was not possible to match the rate
expected by customers.
Second equally important factor was
unavailability of workmen in sufficient numbers through out the year. Inspite offer
of attractive pay package it was not possible to retain workers.
Fixed Assets
·
Land
·
Plant and Machinery
·
Electrical Installation
·
Furniture and Fixtures
·
Office Equipments
·
Computer and Printer
·
Vehicles
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government official
or a family member or close business associate of a Government official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.47.08 |
|
|
1 |
Rs.71.17 |
|
Euro |
1 |
Rs.66.98 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|